Borrower signs a contract to purchase ag real estate. Final loan will be an FSA guaranteed loan for $450K secured by the purchased real estate.

Here's our appraisal issue - no appraiser can get the appraisal completed prior to closing (which for some ungodly reason was set for 17 days after the contract was signed). The loan officer is looking to do a bridge loan until the guarantee can be completed; secured with an existing mortgage on real estate appraised 10 months ago.

Does the bank need a new appraisal on the existing real estate to be used as collateral on the bridge loan until the appraisal on the purchased real estate can be completed or can it rely on the 10 month old certified appraisal?

I have concerns with the validity issues of the existing appraisal since ag real estate prices have continued to appreciate in our area over the past 10 months. Maybe this is an unfounded concern ~~

Do you sacrifice prudent safety and soundness for appraisal compliance issues?